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FRA approves Eastern Co's capital cut

FRA approves Eastern Co's capital cut
The issued capital will be reduced to EGP 2.23 billion
Eastern Co
EAST
-0.76% 11.75 -0.09

Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of a disclosure form submitted by Eastern Co.

The disclosure form includes the board of directors' decision to slash the company's issued capital by cancelling 20 million treasury shares at a value of EGP 20 million, the FRA said in a statement to the Egyptian Exchange (EGX) on Monday. 

The issued capital will be reduced to EGP 2.23 billion distributed over 2.23 million shares from EGP 2.25 billion.

During the first nine months of fiscal year (FY) 2020/2021, the Eastern Company posted net profits of EGP 3.88 billion, up from EGP 3.13 billion in the same period a year earlier.